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a16z crypto总法律顾问:SEC当前的监管方式并不奏效

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2025-03-21 21:34:31

美国证券交易委员会(SEC)近日在华盛顿总部召开首届加密工作组圆桌会议,重点探讨了加密货币领域的关键监管议题——如何界定数字资产的证券属性。此次会议被视为SEC监管政策的重要转折点,可能终结此前备受争议的"通过执法进行监管"模式。



a16z crypto总法律顾问Miles Jennings在会上指出,SEC现行的监管框架在三大核心目标上均未达标:



  • 投资者保护机制存在漏洞

  • 资本形成效率低下

  • 市场运行效率亟待提升



Cooley LLP特别顾问Rodrigo Seira则强调,资产购买意图不应成为判定证券属性的唯一标准。他以艺术品投资为例,说明投资行为本身不应直接触发证券监管。



对投资者的影响:



  • 监管框架的明确将降低投资不确定性

  • 更完善的投资者保护机制将增强市场信心

  • 清晰的监管边界有助于投资者做出更明智的决策

  • 市场效率的提升可能带来更好的投资回报

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